We’re often asked all kinds of questions from people that haven’t bought real estate before, so we wanted to open up the forum to questions that you can either send us privately or through the comments section below. We know that entering the real estate market can be daunting and exciting all at the same time, but there are some points that we’d like to highlight to first home buyers.
Don’t rely solely on the media for your information because what’s true as an overall statement for the country, may not apply to the area that you’re looking to buy in necessarily. If you do your research, talk to people in the local market and get a good understanding of your goals and capabilities, then you’ll probably find that there’s a property out there for you in any market.
Here are some of the things that we’re asked regularly…
“What if I don’t have enough for my deposit?” – Generally, it’s hard for first time buyers to save up the thousands of dollars needed for a deposit, but it’s definitely in your interests to have it in your bank account. Start saving now, and if you don’t have enough, you may have to find family and friends to borrow from to make up the difference. Also talk to your mortgage broker and/or financial advisor to get an idea of how much you need to save in order to borrow your ideal amount.
“I don’t like any of the houses in my price range, will I find the I want?” – In all honesty, there aren’t many first home buyers that get their dream home straight up. Getting into the real estate market can be like taking stepping stones through life, you have to start with the first step before you reach your ultimate destination. Our advice is the sooner you get into the property market the sooner you’ll be onto the next stepping stone.
“Who looks after finance when I want to buy a property?” – You need to talk to your bank or a mortgage broker about your finance. The best suggestion we can make is to ask around trusted friends and family to get an idea of what their experience has been with their lenders and then assess the deals that your mortgage broker presents to you. Take your time to go through all the options and fine print so you know exactly what commitments you’re making.
If you have a question about buying your first property, please email us or comment below and we’ll be sure to answer it to the best of our knowledge. If you think you are ready to get into the Mudgee real estate market, then visit us at Professionals Mudgee and we’ll be happy to answer any of your questions in person and show you our available properties for sale.